Visa Invests in LoopPay Mobile Wallet
Visa is investing in mobile wallet app LoopPay, a mobile payment solution accepted at a majority of retail point-of-sale terminals.
LoopPay is designed to turn a phone into a credit card to swipe at a register. The app uses a traditional mobile wallet setup and a small dongle that plugs into the phone to allow users to swipe their virtual cards at the register.
LoopPay does not require stores to update their point-of-sale systems in order to work with its software. It bridges the gap between mobile wallets and the existing payment systems in the United States retail market, making it easier for users to get the most out of their mobile payment program.
Visa has already announced upgrades to its VisaCheckout program, so investing in LoopPay will allow the company to make an even bigger impact in the mobile payment sector. The details of the deal have not been disclosed yet, but the fact that Visa has invested in LoopPay shows its commitment to the mobile wallet industry.